Native Networks completed a third round of financing, raising a further $11.5 million. Leading the round were venture capital firms Infinity and JVP. Other existing investors taking part in the round were Alta Berkeley Venture Partners, Anschutz Investment Company, Apax Partners, Delta Capital Investments, Israel Seed Partners, SkyPoint Capital Corporation, and Soros Private Equity Partners.
Native Networks offers metro Ethernet services over existing and planned fiber infrastructure. Founded in 1999, by Gilad Goren and Menahem Kaplan, Native Networks raised a total of $28 million in its first two financing rounds. Native is targeting established carriers through its OEM strategies by partnering with leading vendors worldwide. In February this year Native announced it’s first OEM partnership with Alcatel Telecom.
Native Network CEO Rami Hadar said, "The successful conclusion of the round was enabled by a combination of leadership demonstrated by JVP, Infinity and the strong support of our series A and B Investors. Native Networks now has the runway to ramp up revenues based upon its joint product with Alcatel and in parallel complete the development of its Next Generation Add Drop Multiplexer the EMX3600 series”.
Avishai Silvershatz, managing partner at Infinity, which co-led the current financing round said “We believe that Native has a good chance of boosting its sales to tens of millions of dollars a year in the near future and that this, together with continued building of relationships with strong market players make it a highly attractive investment.”
"Native Networks has developed a cost-effective platform that addresses carriers’ immediate needs," said Laurel Bowden, general partner at JVP.
Native Networks is headquartered in Maidenhead, UK and retains extensive research and development facilities in Petah Tikva, Israel.
Published by Globes [online] - www.globes.co.il - on 14 July 2003